Palm Garden Hotels PLC said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 2.69 Sri Lankan rupees per share, compared with 21 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 43.7 million rupees, compared with income of 2.3 million rupees in the prior-year period.

The normalized profit margin dropped to negative 14.3% from 0.5% in the year-earlier period.

Total revenue declined 26.3% on an annual basis to 305.2 million rupees from 414.0 million rupees, and total operating expenses rose 6.9% on an annual basis to 301.6 million rupees from 282.2 million rupees.

Reported net income totaled a loss of 40.2 million rupees, or a loss of 2.48 rupees per share, compared to income of 25.6 million rupees, or 2.37 rupees per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 8.74 rupees per share, compared with a loss of 10.59 rupees per share in the prior year.

Normalized net income was a loss of 141.9 million rupees, compared with a loss of 114.6 million rupees in the prior year.

Full-year total revenue amounted to 750.2 million rupees, compared with 744.3 million rupees in the prior year, and total operating expenses increased 29.5% on an annual basis to 826.4 million rupees from 638.3 million rupees.

The company said reported net income came to a loss of 291.5 million rupees, or a loss of 17.96 rupees per share, in the full year, compared with a loss of 162.4 million rupees, or a loss of 15.01 rupees per share, the prior year.

As of Aug. 6, US$1 was equivalent to 133.84 Sri Lankan rupees.